Apple's quarterly profit fell for the first time since 2016

At the end of the quarter Apple's profits fell short of Wall Street's expectations for the first time since 2016. The reason for this is the sluggishness of iPhone sales.

Apple reported that iPhone sales fell 8 per cent to $65.8 billion.

The company's total sales fell 5 per cent to $117.2 billion and earnings per share was $1.88. However, analysts had expected sales of $121.1 billion and earnings of $1.94 per share.

Only two segments grew. The company's services segment rose 6 per cent to $20.8 billion and iPad sales rose 30 per cent to $9.4 billion, compared with analysts' expectations of $7.8 billion.